Are you planning to take a loan from the FairMoney loan app?
There’s so much talk about their interest rates being high. Some say they charge you twice and constantly disturb you with calls. Others say it’s the best loan app in Nigeria.
With so much said about this loan app in Nigeria, we’ve decided to review the app, address all those issues and provide alternatives. Ensure you read it through before you apply for a loan with the FairMoney app.
Table of contents
We will do our best to answer all the questions you have about the FairMoney app, including the following.
- How do I apply for a FairMoney loan?
- How do I borrow money from FairMoney?
- What is FairMoney loan interest rate?
- Who is the owner of FairMoney?
- Is FairMoney registered with CBN?
- How to download FairMoney loan app?
- How do I reach FairMoney customer care?
- Is FairMoney legit?
- and more.
What You Should Know About FairMoney Loan App?
FairMoney is a type of credit-led digital bank that intends to help people get loans for their businesses. They also give personal loans to individuals who may need them for personal reasons. And the amazing thing about them is that no collateral or paperwork is needed.
Who Is The Owner Of FairMoney?
FairMoney was founded by Laurin Hainy, CEO, in 2017. Other owners include Matthieu Gendreau, CTO; and Nicolas Berthozat (product co-founder).
Is FairMoney Registered With CBN?
Yes, FairMoney is registered with CBN. The company acquired a Microfinance Bank (MfB) license from the Central Bank of Nigeria (CBN), and as such, is fully registered to operate in Nigeria. Keep reading to learn more.
How Do I Borrow Money From FairMoney?
The first step to borrowing from any load app, FairMoney included, is to download and install the app on your phone. Here’s how to easily download FairMoney to your device.
How Can I Download FairMoney App?
To download FairMoney loan app, go to the Google Play store and search for FairMoney. The app appears with the name “loans with FairMoney loan app”. The name of the publisher
It is a FairMoney loan app. It is in the finance category, with an average four-star rating from about 350,000 users. Alternatively, you can click here to go to the FairMoney loan app download page on the Google Play Store.
For iPhone users, the FairMoney loan app for the iPhone isn’t available yet.
But not to worry, you can still apply for a FairMoney loan on your iPhone using the FairMoney USSD code (we discussed this below).
Android users can also download the FairMoney apk. The apk is a great alternative if you’re having issues downloading the app from the Play Store. Click here for the FairMoney app download apk.
How Do I Apply For A FairMoney Loan?
After you’ve downloaded the FairMoney app, you can then start the borrowing process. We’ve broken it down into 8 steps to make it easier for you.
How Do I Borrow Money From FairMoney App?
1. Signup: once you download the app, you’ll have to sign up. Click on the signup button, and you’ll be required to enter your phone number. Next, you’ll be asked to provide a FairMoney referral code (you can use our referral code).
2. OTP: They will send you an OTP to verify your phone number. So make sure your phone number is accessible. After you input the OTP, click “next.”
3. Create a Pin: After that, you will be required to create a four-digit FairMoney pin.
4. BVN: The next step is to input your 11-digit BVN. Then click submit and you will be required to verify the BVN.
6. Profile setup: Next, you will be required to set up your account and provide information like your first name, last name, email address, gender, and date of birth.
You’ll also need to input your home address, state, and city.
7. Allow access: Next, you will be asked to let the FairMoney app know where you are.
8. Apply for a loan: Once you’ve completed the profile setup, you’ll be taken to the loan page where you will be asked to choose a desirable amount. If the loan is approved, the money will be sent to your account.
How to get a loan using the FairMoney USDD code?
If you’re an iPhone user, then you probably don’t have access to the loan app. You have several options, which include downloading an Android emulator to your iPhone to download and access the FairMoney loan app.
Alternatively, you can just use the FairMoney USDD code.
Dial *322*2# on the phone you used for your BVN registration. You first be required to create a PIN. Then follow the prompt, providing all the information required to get the loan.
What is the FairMoney loan interest rate?
FairMoney Loans are available for up to N1,000,000, with terms ranging from 60 to 180 days. The monthly interest rate is also between 10% and 30% every month. When it comes to processing your loan, there are no additional fees or hidden expenditures.
The loan app also allows you to extend your loans if you can’t meet your full payment (although you’ll have to pay some charges).
How do I reach FairMoney customer care?
Here are the contact details to reach FairMoney customer care if you have any issues with your loan or want to make any inquiries.
· FairMoney contact number – 017001276, 018885577. You can call any of the FairMoney customer care numbers about any issues.
· FairMoney email address – help@FairMoney.ng
- FairMoney office address in Lagos: – 3 Ajao road, off Adeniyi Jones, Ikeja, Lagos, Nigeria.
FairMoney review– What people are saying about the FairMoney loan app
Let us see what people are saying about the FairMoney app.
Usman Sande wrote” Awesome app, very helpful in an emergency. They offer me a loan of 20k for the first time.👌 Thank you Fairmoney.But when my loan closed on time, then after fair money rejected my loan 4 times, now also they are rejecting, I don’t know why because I have all EMI on time. Fair money please accept my loan.
Arinze Christian wrote “It is a great experience having this app. It is good for savings and loaning Good discount in airtime and data purchasing But disappointment is for months now they’ve failed it increase my loan despite my prompt payment”
Another user, Ajay Prasad, says, “In the 1st attempt, I received 5000. After repaying the amount, I had received 8000, and when I repaid the amount, I opted for a loan of 10,000 — but the app showed that I was eligible for a loan of 40,000. I have paid back the amount, but I was stunned to see that I was not eligible for a loan this time.
Though being a layman, I cannot say anything, but I would only like to know one thing, and that is, “ON WHAT GROUND A LOAN CAN BE REJECTED LIKE THIS IN ONLY THREE MONTHS.”
You can see more FairMoney reviews on their Google Playstore page here.
Is FairMoney Legit?
I think the app is good for personal needs loans that you can pay back easily to avoid accumulating interest rates. I took a N20,000 loan with a 2 monthly repayment period without issues.
However, when you compare the FairMoney interest rate with that of other loan providers, like Carbon Loan App, it’s a wee bit on the high side.
That aside, FairMoney is one of the best loan apps in Nigeria, and you won’t have any issues dealing with them. And if you have any issues, feel free to call the FairMoney customer care line listed above or send them an email.
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